(Adds text, updates prices)
By Patturaja Murugaboopathy
Oct 15 (Reuters) - Most Asian currencies edged lower on
Tuesday, paring gains from the previous session as earlier
optimism about a breakthrough in U.S.-China trade negotiations
waned on reports a deal was not yet finalised.
Curbing investor appetite in Asia was a Bloomberg report,
citing sources, that said China wants more talks before the end
of October to hammer out the details of U.S. President Donald
Trump's proposed deal before Chinese President Xi Jinping signs
it. Last week, Trump signalled the two sides had reached
agreement on "phase one" of a deal and suspended a tariff hike,
but officials said much work still needed to be done.
The Philippine peso PHP=PH , Thai baht THB=TH , and the
Indian rupee INR= , each fell about 0.1% on the day.
"The initial enthusiasm over the U.S.-China trade
breakthrough had been exhausted at the start of the week, tamed
also by the fact that China is seeking more talks prior to the
signing of a 'Phase One' deal," said Jingyi Pan, a
Singapore-based market strategist with financial services firm
IG.
Also weighing on sentiment was economic data from China
showing a fall in factory gate prices, which added to the
pessimistic mood in Asian currency markets.
China's producer price index (PPI), considered a key
barometer of corporate profitability, dropped 1.2% year-on-year
in September, marking the steepest decline since July 2016.
China's yuan CNY=CFTC edged lower despite its central bank
lifting its official yuan midpoint to the highest level in a
month on Tuesday.
The Malaysian ringgit MYR= also fell on worries that
India, the biggest buyer of Malaysian palm oil so far in 2019,
could raise import taxes or enforce other measures to curb
imports from Malaysia. Also, some analysts said uncertainty ahead of the Brexit
talks kept investors cautious on the day.
Officials from Britain and the EU will meet at a
make-or-break summit on Thursday and Friday that will determine
whether or not Britain is headed for a so-called no-deal Brexit.
"I see that as an another political event that market
participants will be watching across the globe and here in Asia
as well," said IG's Pan.
"That said, in the near-term the impact may be contained
given the likelihood that an extension could be the case."
The following table shows rates for Asian currencies against the
dollar at 0431 GMT.
CURRENCIES VS U.S. DOLLAR
Change on the day
at 0431 GMT
Currency Latest Previou Pct
bid s day Move
Japan yen 108.32 108.38 +0.06
0
Sing dlr 1.369 1.3694 +0.00
Taiwan dlr 30.592 30.620 +0.09
Korean won 1184.2 1184.9 +0.06
00
Baht 30.430 30.41 -0.07
Peso 51.600 51.56 -0.08
Rupiah 14140. 14135 -0.04
000
Rupee 71.315 71.23 -0.12
Ringgit 4.188 4.186 -0.04
Yuan 7.074 7.0670 -0.10
Change so far in
2019
Currency Latest End Pct
bid 2018 Move
Japan yen 108.32 109.56 +1.14
0
Sing dlr 1.369 1.3627 -0.49
Taiwan dlr 30.592 30.733 +0.46
Korean won 1184.2 1115.70 -5.78
00
Baht 30.430 32.55 +6.97
Peso 51.600 52.47 +1.69
Rupiah 14140. 14375 +1.66
000
Rupee 71.315 69.77 -2.17
Ringgit 4.188 4.1300 -1.37
Yuan 7.074 6.8730 -2.84